The US four-week moving average of initial claims for unemployment insurance fell to 212,250 last week, down 1,500 from the previous week’s unrevised average, the US Department of Labor reported. This is the lowest level for this average since Dec. 13, 1969, when it was 210,750.

The four-week moving average smooths the volatility of the week-to-week numbers. Total initial claims for unemployment insurance for the week ended Aug. 25 rose to 213,000, up 3,000 from the previous week’s unrevised level.

Economists polled by MarketWatch had forecast initial claims rising to 212,000 in the latest week. The rate of layoffs in the US has been declining for years and is now near the lowest level in half a century, MarketWatch reported. Most companies say it’s so hard to find skilled labor they are reluctant to cut any jobs, even when business is slow.